Northville Michigan Real Estate

Check out our new website and blog:http://www.NorthvilleNoviRealEstate.comSearch for homes & save your favorite listings!!http://www.activerain.com/dronayneInformation you can use!!Find me on Twitter-dronayne, or on Facebook-debronayne.  248-735-5477 or debbie@ronayneteam.com

Louie Ronayne, a Northville, Michigan resident and 2009 graduate of Detroit Catholic Central High School, has signed with the Chicago Force Junior A hockey team for the 2009-2010 season.   The Chicago Force is a member of the Central States Hockey League (CSHL) and head coaches are Dick Glass and Mark Hammersmith.   Ronayne is a goaltender and played for Belle Tire last season and won the Michigan State Championship title in 2002 in double overtime.  

Get Your $8,000 Tax Credit!!  Learn what you need to know now to take advantage of the $8,000 tax credit  for First Time Home Buyers in 2009. Find out who qualifies (like those who haven’t owned a home in three years). Host: Deborah Ronayne – Keller Williams Northville Business Center     Time: 7:00PM Tuesday, August 18th    Location: Northville Senior Rec Center, 303 W. Main Street, Northville.   Call now to reserve your spot:   248-735-5477.

Get Your $8,000 Tax Credit!!  Learn what you need to know now to take advantage of the $8,000 tax credit  for First Time Home Buyers in 2009. Find out who qualifies (like those who haven’t owned a home in three years). Host: Deborah Ronayne – Keller Williams Northville Business Center     Time: 7:00PM Tuesday, August 18th    Location: Northville Senior Rec Center, 303 W. Main Street, Northville.   Call now to reserve your spot:   248-735-5477.

Get Your $8,000 Tax Credit!!  Learn what you need to know now to take advantage of the $8,000 tax credit  for First Time Home Buyers in 2009. Find out who qualifies (like those who haven’t owned a home in three years). Host: Deborah Ronayne – Keller Williams Northville Business Center     Time: 7:00PM Tuesday, August 18th    Location: Northville Senior Rec Center, 303 W. Main Street, Northville.   Call now to reserve your spot:   248-735-5477.

Deborah Ronayne and Michael Warren of The Ronayne Team at Keller Williams Realty, recently obtained their Certified Distressed Property Expert (CDPE) designations.   There are alternatives to foreclosure and we can help.   Read our story as published in the June 18 edition of the The Northville Record:   http://tiny.cc/8Ic4C

Big news today:   The $8,000 First Time Homebuyer’s Tax credit can be used as a down payment.   Click here for more news….announced today:

http://www.mirealtors.com/content/News.htm?view=3&news_id=51&news=1%2c2

Take advantage and call us today.   We have our “Best Buy” list of homes ready for you!

Do you know someone who has fallen behind in their mortgage payments?   With most American families  having only enough cash to maintain their current living expenses for  60 days, it’s easy to see how adjusting mortgage payments, job loss, business failures, death of a spouse or family members, illness, divorce, reduced income and other  situations can put a property and homeowner in  distress.    Foreclosure is not the only answer…there are options and the Short Sale process doesn’t haven’t be difficult.   Northville, Novi and area residents, talk to us in confidence  and see if you might qualify.   248-735-5477     www.RonayneTeam.com

General Buying Process for Bank Owned Homes…Individual Transactions May Vary

Submitting An Offer   To start a standard transaction, the Purchase Agreement, along with a Pre-Approval letter is submitted to the listing agent. The listing agent will fax or email the purchase agreement to the Bank. The Bank/Seller is a corporate entity and may respond quickly or very slow, generally 24-72 hours, but can vary depending on their volume and staffing. The bank will verbally Accept, Reject, or Counter the offer, until the price and general terms are negotiated and agreement is reached. Until an agreement is reached, multiple offers maybe submitted on the property. The bank then may ask for the œHighest and Best Offer from the potential buyers. The potential buyer will generally have 24 hours to reconsider and ammend his offer. The Bank may still counter, reject or accept the offer it deems to be the œHighest and Best. Upon acceptance by the bank, the Buyer will be given one or two days to sign and return the Bank Addendum. The Buyer must carefully review the Bank Addendum. It is best if the Buyer™s agent can get a copy of the Bank Addendum prior to submitting the original offer for review. The Banks will not accept offers contingent upon the sale of another property or personal property. All funds necessary to close the transaction must be liquid.  

Earnest Money Deposit   Generally this held by listing Broker or its™ agent (Title Company) for Seller and is usually around $1,000. Deposit must be in the form of a Cashier™s check or Certified Funds, no personal checks.

Loan Approval   Purchaser must be Pre-Approved and submit such Approval letter along with the Purchase Offer. Some banks may require Pre-Approval from a specific lender of their choice, even if you are using another lender of your choice to finance the property.  

Cash Offers   Buyers must show proof of liquid funds.    

Concessions   This varies by lender. Some allow concessions toward closing costs and others will not. Some will also not allow the Seller™s concessions to go towards pre-paid items (property taxes and insurance).  

FHA & VA loans   Some Bank/Sellers may not allow FHA or VA financing. Sometimes this is due to the amount of repairs required to bring the property into compliance for these loan programs.  

Seller Disclosure Statement   Banks are exempt from providing a Seller™s disclosure statement because they have never occupied the property and have no knowledge of any defects. Thus, it is highly recommended the Purchaser™s offer is contingent upon a Private Home Inspection.  

Lead Based Paint Disclosure   Banks are exempt from providing a Lead Based Paint disclosure because they never occupied the property. Lead Based Paint may potentially exist in houses built prior to 1978.  

Possession/Occupancy   A representative for the Seller will attend closing. Purchaser signs loan and real estate paperwork and the transaction may or may not be closed in escrow. If closed in escrow, the paper work is sent to Seller for signature. When fully executed and received by Title Company, the Purchaser will obtain keys and gain occupancy. If the purchase is not closed in escrow, keys and occupancy will be at time of closing.  

Municipal Inspections/Certification  If Required   The Purchaser is required to arrange and pay for any required municipal inspections. Also, the Purchaser is required to pay and make any necessary repairs required by the municipality in order to obtain required approval and bring the property up to code. Generally the work is performed after closing by the Purchaser. Once completed and approved by Municipality, the Purchaser can occupy the house.  

Repairs   Most banks will not allow required repairs prior to closing.  

Private Home Inspection   Banks allow the Purchaser the opportunity to have the offer made œcontingent upon a Private Home Inspection, which is paid by the Purchaser. Some Bank/Sellers will schedule and pay for the property to be de-winterized and for utilities to be turned on to allow for the Home Inspection. Other Sellers will require the Purchaser to perform and pay for these tasks. This item may be negotiated, with the Seller covering the cost and performing the tasks.        

Condition of Property   The condition of the individual properties varies significantly. Some properties are œmove-in ready and others require extensive repairs due to missing cabinets, fixtures, plumbing, water damage, etc.  All Bank property is sold œas-is.  

Property Taxes   Taxes may be Non-Homestead, thus assessed at a much higher rate than Homestead. Thus, tax pro-rations at closing (in cost to Buyer) will be higher. This will be a temporary situation. If the house will be your principal residence, required paperwork to claim the Homestead Exemption is submitted to the municipality.  

Special Assessments   Generally, the Purchaser will assume the special assessment obligation following the closing date. Amounts due following the date of closing will not be paid in by full by seller when closing the transaction.  

Closing Date The Banks adhere strictly to closing dates and various penalties may occur if the process takes longer than stated in the Purchase Agreement. Possible penalties are a stated daily charge (generally $50-$100 a day) or loss of earnest money deposit will apply.  

Closing Costs   The Buyer may be required to pay closing cost expenses which would normally be paid by the Seller,such as property transfer tax, title commitment, and others fees.   These may be negotiable.  

Standard Release   œIn consideration of the sale of the Property to the Buyer, Buyer does hereby release and agree to indemnify, hold harmless and forever discharge the Seller, as owner of the property, and its officers, employees, agents, successors, and assigns, from any and all claims, liabilities, or causes of action of any kind that the Buyer may now have or at any time in the future may have against the Seller from the presence of a condition in, on or around the Property.  

Transfer of Title   Seller will transfer title by means of a Special or Limited Warranty Deed, or equivalent.  

As-is Condition   Purchaser accepts the Property in œas-is condition at the time of closing, including any hidden defects known or unknown.  

Home Warranty   Generally, Bank/Sellers will not paid for a Home Warranty Plan. The Buyer may elect to purchase the policy at his own expense.    

Tenants   In the rare case the Property is occupied by tenants, the Purchaser will be required to abide by the terms of the lease. Rents will be pro-rated at closing. Purchaser will be responsible for the return of any Security deposit funds.  

Personal Property   The Buyer is responsible for the removal of any Personal Property remaining on the premises in accordance with State Law. The Seller is not the Owner of the Personal Property and is not responsible for its removal. The Seller makes no representation that Personal property remaining on the premises is free of liens. The Seller shall not be obligated to deliver the property in œbroom clean condition. The Seller is not responsible for removal of debris and will transfer the property in its current œas-is condition.  

Asking and Offer Price   Often Bank-Owned Property is accurately priced. In a few cases a property may be overpriced due to extensive repairs or location of the property. The pricing of Bank-Owned Properties is established by professional evaluators (based on current market conditions) and has nothing to do with the former mortgage amount. It is rare that the sales price will be lower than 5 to 10 percent of the asking price. If the Seller elects to accept a much lower price that what™s currently listed, the list price will be lowered to that amount. Banks try to set the asking price accurately and aggressively in order to sell the house in a timely manner. Well-priced properties can sell within hours or within a few days. If the Buyer is interested in purchasing a property, he must be prepared and act quickly before another offer is accepted by the seller.  

Conclusion  Bank-Owned properties are generally a much better value than comparable Privately-Owned properties. Bank purchase requirements and transactions vary greatly between lenders. Some items in the Seller™s Addendum may be negotiable. The Purchaser must carefully read all requirements and documents. Not adhering to the requirements and timelines may cost the purchaser money and, potentially, the purchase. Banks are not trying to hinder the transaction; they need to sell the property. Banks want to limit their liability and sell the property in a timely manner. The Bank™s main concern is the bottom line and how fast they can close the transaction: Time is money!

Guest Contributor For This Blog:   Mike Warren, The Ronayne Team, Bank & Investment Property Specialist  

http://www.youtube.com/watch?v=mA4zE2vUK-U